Russian Credit Card Market in 2011
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Russia’s credit card market in 2011
Dancing with elephants
The Russian credit card market grew by 61,6% in 2011. Total credit card debt across the en>re banking system increased by RUR 140,2 billion to RUR 367,8 billion ($1 = RUR 30,08; 8 February 2012). Sberbank became the leader of the sector.
Just as we had an>cipated, in Q4 2011 Sberbank with the largest chain of branches in the country overtook Russian Standard, the pioneer of the local credit card market that had been the market leader for many years. Sberbank’s credit card porQolio increased by 148%, reaching RUR 63 billion, demonstra>ng that the bank is finally showing real interest in such a civilised financial instrument as credit cards.
However, Sberbank was far from being the only driving force behind the dras>c rise in market volume, accoun>ng only for 26,3% of the total market growth. The other 73,7% of the growth was down to other players. Russian Standard, which had in recent years not been focused on the credit card market (its total porQolio went down from RUR 88,3 billion to RUR 49,5 billion between Jan 1st 2008 and Jan 1st 2011) once again began to grow in the sector last year. Last year it provided an extra RUR 9,8 billion in credit card loans.
Market volume as of 1 January 2012 RUR 367.8 billion(+ 61.6% in 2011)
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8 February 2012
Bank PorAolio, billion RUR Market share Sberbank 63,0 17,1% Russian Standard 59,3 16,1% VTB 24 34,5 9,4% Eastern* 23,1 6,3% TCS Bank 21,2 5,8% OTP Bank 19,1 5,2% HCF Bank 14,1 3,8% Alfa-‐Bank 13,6 3,7% Svyaznoy Bank 12,4 3,4% Rosbank 11,2 3,0%
Russia’s credit card market in 2011
8 February 2012
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Based on the current trend, Sberbank looks set to con>nue to leave the compe>>on behind, however, Russian standard will most likely remain in second place in the foreseeable future. The second state owned bank, aZer Sberbank, VTB24, failed to close the gap between itself and Russian Standard last year and remains in third place with RUR 34,5 billion (an increase of RUR 9,7 billion)
*Orient Express made a dash to fourth place increasing its credit card porQolio by RUR 20 billion to RUR 23.1 billion. Such dras>c growth resulted from the bank’s concerted efforts last year to offer new products, mainly cash loans, but which were in fact issued in the form of credit cards.
TCS Bank increased its porQolio by 120% to RUR 21,2 billion in 2011. A new player, Svyaznoy Bank, also joined the top ten providers of credit card services with a RUR 12,1 billion porQolio. Of the top twenty banks Ci>bank and MDM Bank saw their credit card porQolios fall (by 13,4% and 15,5% respec>vely). One of the leaders of past years, HCF Bank, increased its porQolio by RUR 3 billion and is now in sixth place, having focused its efforts on other credit products.
Trends in the credit card market, billion RUR
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Russia’s credit card market in 2011
8 February 2012
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Market shares of the leading banks
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Russia’s credit card market in 2011
8 February 2012
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Number of acYve credit cards at the end of the year, thousand pcs.
Credit card market volume, billion RUR
171,3
200,0192,2
227,6
367,8
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Russia’s credit card market in 2011
8 February 2012
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Russian Standard’s credit card porAolio, billion RUR
Sberbank’s credit card porAolio, billion RUR
VTB24’s credit card porAolio, billion RUR
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Orient Express*, credit card porAolio, billion RUR
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Russia’s credit card market in 2011
8 February 2012
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Alfa-‐Bank’s credit card porAolio, billion RUR
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OTP Bank’s credit card porAolio, billion RUR
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TCS Bank’s credit card porAolio, billion RUR
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HCF Bank’s credit card porAolio, billion RUR
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Russia’s credit card market in 2011
8 February 2012
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Rosbank’s credit card porAolio, billion RUR
This report has been compiled by the analysts of Tinkoff Credit Systems using informa>on obtained from official sources. Credit card porQolios were calculated as the total not-‐overdue principal credit card loans plus es>mated securi>sed assets.
If you’re interested in coopera>on, please contact [email protected].
TCS credit cards: hkp://www.tcsbank.ru/credit. TCS deposits: hkp://www.tcsbank.ru/deposit.
© Tinkoff Credit Systems, 2012, All Rights Reserved.
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Svyaznoy Bank’s credit card porAolio, billion RUR
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